Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following table presents selected financial data with respect to our consolidated financial condition and consolidated results of operations and should be read in conjunction with our consolidated financial statements and the related notes in Item 8 of this report.



	Year Ended December 31,
	2015				2014				2013				2012			2011 (4)
	(in millions, except per share amounts)
Revenues	$	7,386			$	9,226			$	8,106			$	7,452		$	8,450
Equity in Earnings (Losses) of Unconsolidated Affiliates	(1,633		)	(1)	308			(2)	188			(3)	31			30
Income (Loss) before Extraordinary Item	(692		)		611				311				417			770
Extraordinary Item, net of tax	—				—				—				—			587
Net income (loss)	$	(692	)		$	611			$	311			$	417		$	1,357
Basic earnings (loss) per common share:
Income (Loss) before Extraordinary Item	$	(1.61	)		$	1.42			$	0.73			$	0.98		$	1.81
Extraordinary Item, net of tax	—				—				—				—			1.38
Basic earnings (loss) per common share	$	(1.61	)		$	1.42			$	0.73			$	0.98		$	3.19
Diluted earnings (loss) per common share:
Income (Loss) before Extraordinary Item	$	(1.61	)		$	1.42			$	0.72			$	0.97		$	1.80
Extraordinary Item, net of tax	—				—				—				—			1.37
Diluted earnings (loss) per common share	$	(1.61	)		$	1.42			$	0.72			$	0.97		$	3.17

Cash dividends declared per common share	$	0.99			$	0.95			$	0.83			$	0.81		$	0.79
Dividend payout ratio	n/a				67		%		114		%		83		%	44		%	(5)
Return on average common equity	(17		)%		14		%		7		%		10		%	21		%	(5)
Ratio of earnings to fixed charges	2.67				2.79				2.42				2.29			2.96			(5)
At year-end:
Book value per common share	$	8.05			$	10.58			$	10.09			$	10.09		$	9.91
Market price per common share	18.36				23.43				23.18				19.25			20.09
Market price as a percent of book value	228		%		221		%		230		%		191		%	203		%
Total assets	$	21,334			$	23,200			$	21,870			$	22,871		$	21,703
Short-term borrowings	40				53				43				38			62
Transition and system restoration bonds, including current maturities	2,674				3,046				3,400				3,847			2,522
Other long-term debt, including current maturities	6,100				5,758				4,914				5,910			6,603
Capitalization:
Common stock equity	28		%		34		%		34		%		31		%	32		%
Long-term debt, including current maturities	72		%		66		%		66		%		69		%	68		%
Capitalization, excluding transition and system restoration bonds:
Common stock equity	36		%		44		%		47		%		42		%	39		%
Long-term debt, excluding transition and system restoration bonds, and including current maturities	64		%		56		%		53		%		58		%	61		%
Capital expenditures	$	1,575			$	1,402			$	1,272			$	1,188		$	1,191


(1)	As of December 31, 2015, we owned approximately 55.4% of the limited partner interests in Enable Midstream Partners, LP (Enable), an unconsolidated subsidiary that we account for on an equity basis. This amount includes $1,846 million of non-cash impairment charges related to Enable.


(2)	As of December 31, 2014, we owned approximately 55.4% of the limited partner interests in Enable and 0.1% of Southeast Supply Header (SESH), each an unconsolidated subsidiary, that we accounted for on an equity basis.


(3)	Following the formation of Enable on May 1, 2013, Enable owned substantially all of our former Interstate Pipelines and Field Services business segments, except for our retained 25.05% interest in SESH. As of December 31, 2013, we owned approximately 58.3% of the limited partner interests in Enable.


(4)	2011 Income before Extraordinary Item includes a $224 million after-tax ($0.53 and $0.52 per basic and diluted share, respectively) return on true-up balance related to a portion of interest on the appealed true-up amount.


(5)	Calculated using Income before Extraordinary Item.

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